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SWK Holdings Financials

SWKHL
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows SWK Holdings (SWKHL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SWKHL FY2025

Operating cash generation is strong and capital needs are tiny, but FY2025 accounting earnings were overwhelmed by non-operating tax effects.

FY2025 looks weaker on the bottom line than in the operating engine: operating margin reached 48.9% while free cash flow hit $26.8M. Even so, a tax expense of $22.6M pushed net income to -$2.5M, so the reported loss reflects below-operating-line items more than any deterioration in the company’s underlying ability to turn sales into cash.

The business appears capital-light rather than asset-hungry: FY2025 capital spending was only $512K, so operating cash flow of $27.3M arrived with very little reinvestment drag. Cash of $42.8M also exceeded long-term debt of $33.0M, which makes liquidity look more like a balance-sheet cushion than a funding need when annual earnings move around.

Revenue stayed in a tight band over the last three years, ranging from $37.8M to $45.0M, which suggests the business did not need meaningful volume growth to produce stronger cash output. Over that same span, free cash flow margin moved from 38.1% to 64.6%, pointing to a model where more of each sales dollar now reaches cash without much added investment.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 76 / 100
Financial Profile 76/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of SWK Holdings's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
100

SWK Holdings has an operating margin of 48.9%, meaning the company retains $49 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 25.8% the prior year.

Growth
41

SWK Holdings's revenue declined 7.8% year-over-year, from $45.0M to $41.5M. This contraction results in a growth score of 41/100.

Leverage
99

SWK Holdings carries a low D/E ratio of 0.14, meaning only $0.14 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
100

With a current ratio of 9.41, SWK Holdings holds $9.41 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow
100

SWK Holdings converts 64.6% of revenue into free cash flow ($26.8M). This strong cash generation earns a score of 100/100.

Returns
16

SWK Holdings generates a -1.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 16/100. This is down from 4.7% the prior year.

Piotroski F-Score Neutral
5/9

SWK Holdings passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed
-10.77x

For every $1 of reported earnings, SWK Holdings generates $-10.77 in operating cash flow ($27.3M OCF vs -$2.5M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage Safe
18.4x

SWK Holdings earns $18.4 in operating income for every $1 of interest expense ($20.3M vs $1.1M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$41.5M
YoY-7.8%
5Y CAGR+2.5%
10Y CAGR+5.9%

SWK Holdings generated $41.5M in revenue in fiscal year 2025. This represents a decrease of 7.8% from the prior year.

EBITDA
$20.3M
YoY+56.4%

SWK Holdings's EBITDA was $20.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 56.4% from the prior year.

Net Income
-$2.5M
YoY-118.8%

SWK Holdings reported -$2.5M in net income in fiscal year 2025. This represents a decrease of 118.8% from the prior year.

EPS (Diluted)
$-0.21
YoY-119.3%

SWK Holdings earned $-0.21 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 119.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$26.8M
YoY+16.9%
5Y CAGR+11.8%
10Y CAGR+9.1%

SWK Holdings generated $26.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 16.9% from the prior year.

Cash & Debt
$42.8M
YoY+621.5%
5Y CAGR+70.0%
10Y CAGR-1.0%

SWK Holdings held $42.8M in cash against $33.0M in long-term debt as of fiscal year 2025.

Dividends Per Share
$4.00

SWK Holdings paid $4.00 per share in dividends in fiscal year 2025.

Shares Outstanding
12M
YoY-1.0%
5Y CAGR-1.1%
10Y CAGR-0.8%

SWK Holdings had 12M shares outstanding in fiscal year 2025. This represents a decrease of 1.0% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
48.9%
YoY+23.2pp

SWK Holdings's operating margin was 48.9% in fiscal year 2025, reflecting core business profitability. This is up 23.2 percentage points from the prior year.

Net Margin
-6.1%
YoY-36.1pp
5Y CAGR-20.3pp
10Y CAGR+25.3pp

SWK Holdings's net profit margin was -6.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 36.1 percentage points from the prior year.

Return on Equity
-1.1%
YoY-5.8pp
5Y CAGR-3.2pp
10Y CAGR+3.1pp

SWK Holdings's ROE was -1.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 5.8 percentage points from the prior year.

Capital Allocation

R&D Spending
$1.6M
YoY-29.6%
5Y CAGR-18.3%

SWK Holdings invested $1.6M in research and development in fiscal year 2025. This represents a decrease of 29.6% from the prior year.

Share Buybacks
$3.1M
YoY-49.0%
5Y CAGR+8.8%

SWK Holdings spent $3.1M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 49.0% from the prior year.

Capital Expenditures
$512K
YoY+271.0%
5Y CAGR-33.5%
10Y CAGR+26.2%

SWK Holdings invested $512K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 271.0% from the prior year.

SWKHL Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $8.7M-20.1% $10.9M+8.3% $10.1M-15.0% $11.8M-4.3% $12.4M+18.7% $10.4M-4.0% $10.8M-4.5% $11.4M
Cost of Revenue N/A N/A N/A N/A N/A N/A N/A N/A
Gross Profit N/A N/A N/A N/A N/A N/A N/A N/A
R&D Expenses $1K-99.3% $147K-77.2% $645K-14.9% $758K+33.5% $568K-2.9% $585K+12.5% $520K-1.9% $530K
SG&A Expenses $5.4M+63.0% $3.3M+15.6% $2.8M-13.2% $3.3M+13.4% $2.9M-3.4% $3.0M+2.5% $2.9M+8.8% $2.7M
Operating Income $857K-87.2% $6.7M+44.2% $4.6M-42.9% $8.1M+46.9% $5.5M+35.3% $4.1M+353.1% $901K-16.5% $1.1M
Interest Expense -$1.4M-221.6% $1.2M+2.1% $1.2M+477.5% $200K+113.6% -$1.5M-837.5% $200K-82.1% $1.1M-10.9% $1.3M
Income Tax $18.4M+861.8% $1.9M+86.7% $1.0M-19.7% $1.3M-52.9% $2.7M+199.6% $906K-12.5% $1.0M+352.0% $229K
Net Income -$19.4M-320.8% $8.8M+148.3% $3.5M-22.1% $4.5M-22.7% $5.9M+69.3% $3.5M-5.8% $3.7M+686.3% $468K
EPS (Diluted) N/A $0.72+148.3% $0.29-21.6% $0.37 N/A $0.28-6.7% $0.30+650.0% $0.04

SWKHL Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $272.4M-5.9% $289.4M+1.3% $285.7M-13.8% $331.3M-0.3% $332.2M+3.4% $321.3M+0.1% $321.0M-0.3% $322.0M
Current Assets $46.8M+186.5% $16.3M-22.9% $21.2M-72.1% $75.9M+274.9% $20.3M-19.7% $25.2M+70.4% $14.8M+6.1% $13.9M
Cash & Equivalents $42.8M+319.0% $10.2M+27.5% $8.0M-73.1% $29.8M+402.9% $5.9M-65.5% $17.2M+209.6% $5.5M+0.9% $5.5M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $3.9M-30.8% $5.6M-0.5% $5.6M+20.0% $4.7M-19.2% $5.8M-9.8% $6.4M-13.1% $7.4M+16.2% $6.4M
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $37.3M+6.2% $35.2M-10.4% $39.2M+1.6% $38.6M-11.4% $43.5M+15.1% $37.8M-0.8% $38.2M-9.3% $42.1M
Current Liabilities $5.0M+73.1% $2.9M-57.0% $6.7M-0.6% $6.7M+20.7% $5.6M+11.7% $5.0M-9.8% $5.5M+26.3% $4.4M
Long-Term Debt $33.0M0.0% $33.0M0.0% $33.0M0.0% $33.0M0.0% $33.0M0.0% $33.0M0.0% $33.0M0.0% $33.0M
Total Equity $235.1M-7.5% $254.2M+3.1% $246.5M-15.8% $292.7M+1.4% $288.7M+1.9% $283.4M+0.2% $282.8M+1.0% $279.9M
Retained Earnings -$4.2B-0.5% -$4.2B+0.2% -$4.2B-1.1% -$4.1B+0.1% -$4.1B+0.1% -$4.1B+0.1% -$4.1B+0.1% -$4.1B

SWKHL Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $10.3M+1036.8% $906K-88.4% $7.8M-5.8% $8.3M+20.2% $6.9M+9.1% $6.3M+16.7% $5.4M+22.2% $4.4M
Capital Expenditures $0-100.0% $349K+454.0% $63K-37.0% $100K+13.6% $88K+203.4% $29K+38.1% $21K $0
Free Cash Flow $10.3M+1749.0% $557K-92.8% $7.7M-5.4% $8.2M+20.3% $6.8M+8.2% $6.3M+16.6% $5.4M+21.7% $4.4M
Investing Cash Flow $22.3M+652.2% $3.0M-85.3% $20.1M-11.3% $22.7M+196.5% -$23.5M-374.3% $8.6M+296.4% -$4.4M-147.6% $9.2M
Financing Cash Flow $0+100.0% -$1.7M+96.7% -$49.7M-600.6% -$7.1M-231.9% $5.4M+264.9% -$3.3M-228.5% -$994K+92.6% -$13.3M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $0-100.0% $1.3M+52.9% $870K+0.3% $867K+2.1% $849K-73.6% $3.2M+238.1% $951K-4.8% $999K

SWKHL Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin N/A N/A N/A N/A N/A N/A N/A N/A
Operating Margin 9.9%-51.5pp 61.4%+15.3pp 46.1%-22.5pp 68.6%+23.9pp 44.7%+5.5pp 39.2%+30.9pp 8.3%-1.2pp 9.5%
Net Margin -223.1%-303.8pp 80.7%+45.5pp 35.2%-3.2pp 38.4%-9.1pp 47.5%+14.2pp 33.3%-0.6pp 33.9%+29.8pp 4.1%
Return on Equity -8.2%-11.7pp 3.5%+2.0pp 1.4%-0.1pp 1.6%-0.5pp 2.0%+0.8pp 1.2%-0.1pp 1.3%+1.1pp 0.2%
Return on Assets -7.1%-10.2pp 3.0%+1.8pp 1.2%-0.1pp 1.4%-0.4pp 1.8%+0.7pp 1.1%-0.1pp 1.1%+1.0pp 0.1%
Current Ratio 9.41+3.7 5.68+2.5 3.17-8.1 11.30+7.7 3.64-1.4 5.06+2.4 2.68-0.5 3.18
Debt-to-Equity 0.14+0.0 0.130.0 0.13+0.0 0.110.0 0.110.0 0.120.0 0.120.0 0.12
FCF Margin 118.5%+113.4pp 5.1%-71.9pp 77.0%+7.9pp 69.1%+14.1pp 55.0%-5.3pp 60.4%+10.7pp 49.7%+10.7pp 39.0%

Frequently Asked Questions

SWK Holdings (SWKHL) reported $41.5M in total revenue for fiscal year 2025. This represents a -7.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

SWK Holdings (SWKHL) revenue declined by 7.8% year-over-year, from $45.0M to $41.5M in fiscal year 2025.

No, SWK Holdings (SWKHL) reported a net income of -$2.5M in fiscal year 2025, with a net profit margin of -6.1%.

SWK Holdings (SWKHL) reported diluted earnings per share of $-0.21 for fiscal year 2025. This represents a -119.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

SWK Holdings (SWKHL) had EBITDA of $20.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, SWK Holdings (SWKHL) had $42.8M in cash and equivalents against $33.0M in long-term debt.

SWK Holdings (SWKHL) had an operating margin of 48.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

SWK Holdings (SWKHL) had a net profit margin of -6.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, SWK Holdings (SWKHL) paid $4.00 per share in dividends during fiscal year 2025.

SWK Holdings (SWKHL) has a return on equity of -1.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

SWK Holdings (SWKHL) generated $26.8M in free cash flow during fiscal year 2025. This represents a 16.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

SWK Holdings (SWKHL) generated $27.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

SWK Holdings (SWKHL) had $272.4M in total assets as of fiscal year 2025, including both current and long-term assets.

SWK Holdings (SWKHL) invested $512K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

SWK Holdings (SWKHL) invested $1.6M in research and development during fiscal year 2025.

Yes, SWK Holdings (SWKHL) spent $3.1M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

SWK Holdings (SWKHL) had 12M shares outstanding as of fiscal year 2025.

SWK Holdings (SWKHL) had a current ratio of 9.41 as of fiscal year 2025, which is generally considered healthy.

SWK Holdings (SWKHL) had a debt-to-equity ratio of 0.14 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

SWK Holdings (SWKHL) had a return on assets of -0.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

SWK Holdings (SWKHL) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

SWK Holdings (SWKHL) has an earnings quality ratio of -10.77x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

SWK Holdings (SWKHL) has an interest coverage ratio of 18.4x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

SWK Holdings (SWKHL) scores 76 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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